The Art Pricing Formula: How To Price Your Art Objectively and Consistently

🎨click here to  learn the Art Pricing Formula hundreds of Artpreneur students have used to grow their art business🎨 

If you tuned into episode 26 then you know... I am on a crusade for all artists to know their worth, and charge for it! 

I am especially talking to the artists who struggle with art pricing or second guessing themselves. Maybe you are self taught or still building your confidence. I implore you to increase your prices! 

In this episode, I cover popular art pricing methods and provide you with insight into what works and what doesn't. 

It is important to have an objective art pricing formula that is tailored to you as an artist. 

When it comes to art prices, it is crucial to understand and know your worth. The factors to consider when pricing your art are covered in this episode!

Listen now to learn why you shouldn’t worry about time spent, emotions, or what other artists are charing. 

To have access to the Art Pricing Formula, join the Artpreneur Academy! Click here.

YOU WILL LEARN:

✓ The Art Pricing Formula that will skyrocket your income

✓ How to know your worth as an artist and raise your prices

✓ The Picasso Story: Why Time Spent Doesn't Determine Art Value

✓ Why pricing based on what someone else is charing is a BIG mistake

✓ Why your mood shouldn’t determine the value of your artwork

AND

01:00Looking at art pricing objectively 

02:00The Art Pricing Formula that will skyrocket your income

03:00  Podcast cash winner

03:00Common struggles and pitfalls with art pricing

06:00Popular art pricing methods that don't work

10:00Factors to consider when pricing art

13:00Importance of having an objective art pricing formula

15:00Get a complete art pricing system for your business

15:00Don't undercharge - raise your art prices instead

17:00Get the Artpreneur Art Pricing Formula and free masterclass

RESOURCES

Watch Kristen Hoard’s story! She used the Artpreneur Pricing Formula to increase her art prices and grow her income. Here’s how she did it: [video on blog]
🌈 Artpreneur Academy 

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Transcript

microphone: 0:00

If you have ever second guessed your art pricing methods or don't know where to start, this episode is for you. Today we're going to talk about the popular art pricing methods, what works and what doesn't among these methods, what you should base your art prices on and what you should not base your art prices on. What's helped me a lot in my art business is having a business background and then becoming an artist later in life. It's helped me to remain very objective when I look at my art. And a lot of you have been asking me about the Art Preneur Academy art pricing formula that thousands of artists have used to price their artwork and grow their art business, because if you listen to episode 26, then you know I'm on a crusade for all artists to raise their art prices. If you want an art pricing method to guide you in all of your art business decisions, check out the Artpreneur Academy because our art pricing method does just that. Click the link in the show notes to learn more about Artpreneur Academy and how our art pricing formula can help you. You can visit jennawebbart. com or click the link in the show notes to learn more.

Jenna Webb: 2:30

It's time to announce our podcast cash winner. Among the last five reviews. I randomly selected BK bills and you won an Amazon gift card. Congratulations. Email me to collect your prize. I wish I could give each of you a shout out. I read every word in your reviews are incredibly heartwarming and they really help me on my soul's mission to put great content out here. Hosting a podcast is no easy feat, but I do it because I love it. And I love to help you. And I'm just so glad this show is resonating with you. If you want to be a winner we will be drawing a new winner At random from the next eight reviews on apple. So if you love the show and it gets you fired up pause right now. And leave a five-star written review. Now, back to the show.

3:23

Today's episode is a bit of a part two from episode 26. Where we discussed how to avoid really common myths and pitfalls that lead to many artists undercharging for their work. Because if you want to increase your art prices, you have to first know your worth. I'm definitely talking to you if you struggle with art pricing. Or just second guessing yourself, which, Hey, I'm going to raise my hand. We all second guess ourselves. Maybe it's when someone tries to negotiate our prices with us, maybe it's when we are trying a new art medium, or reaching that next level in our business. Which is good. And when we feel a little bit like an imposter, which is healthy, but when we second guess ourselves, the first thing that starts shaking is our art pricing structure. That's why it's so good to have a formula that guides every business decision that you're making. But whether you are a self-taught artist or still building your confidence. Or just up leveling in your business, I implore you to increase your prices. I've said it once and I'll say it again. Our art has tremendous value. And we don't work for free. Let's jump into the popular art pricing methods, what works and what doesn't. So you can know what you should base your art prices on and what you should not. If you've done any art pricing research, you've seen several different art pricing methods, which instantly lead you to confusion. And frustration. And it probably paralyzes you a little bit on what you should do. It's really frustrating. But in my own experience, selling paintings, I would never tell an artist. This is exactly how you should do it without getting to know their business on an intimate level. Every artist is different. There is no one size fits all approach. Art pricing is not just a concept. I've created an entire system around it. That is a mindset and is tailored to the individual artist. That's why I love coaching artists because it's complex. And I would want you to walk away with the formula and feel really confident about your pricing methods because it fits your business. As we break it down in today's show, you're going to realize how tailored it is for you. And the more objective you get in your pricing methods, the better. Here are the really popular methods in the artist community that I see people basing their art prices on that I don't agree with. And I'm going to be really straight up with you about why. A lot of these are not based on objective and consistent strategies that can sustain your structure long-term. And we'll go through each one. Number one time spent. So the customer can't control how much time you spent on your art. And the time you're spending on your art, doesn't actually make the painting or the artwork more valuable or better because you can F it up just as quickly. As you could. Spend extra time on it and not make it any better. The more time you spent on that piece of artwork is going to make you feel more emotionally tied to that piece and it might make you want to price it higher. And the more time you spent on it? Yes. That was an investment of your time. But you've got to think about that when you're creating an inventory. But on the complete flip side, you are a master of your craft, and if you created a masterpiece and it hardly took you any time to create this masterpiece. And outcomes this glorious. Gorgeous painting. You might feel guilty that it didn't take you much time and you might price it really low. And then you wouldn't be valuing all the skills to reach this exact point in your career. And then you're undervaluing yourself as an artist. So that time spent really doesn't matter. In both of those scenarios. Quite the opposite is happening. Let me tell you the Picasso in five minutes story. A woman sees Picasso sitting on a park bench and drawing. She says, Oh, my, are you Picasso? Could you do a drawing for me? So he quickly sketches something out. That's lovely. And he says, that'll be$5,000 and she says, you've got to be kidding. It only took you five minutes. To which he replied, no, my dear, it took a lifetime. The next popular method. Is the cost of art classes or art school. This does not make your artwork more valuable than another artist's work. Or more valuable in general. Up next. The cost of your materials doubled or tripled. This method fails to account for other crucial factors like your skill and labor. It just doesn't account for enough by simply doubling or tripling. Up next. Pricing based on what someone else charges. This doesn't work. We will cover it more in the next part. Up next, pricing based on your emotions. Your mood or if you're having a good day, or sentiment, like how you feel about a piece. How much you like a painting or don't want to let go of it is not an art pricing method. Next up. Whatever the customer can pay. First of all, you are a fine artist. You're not bargaining at a flea market. It can be tempting to say yes to someone's first offer and mark that piece of artwork as sold. And do a little dance and move on. I totally understand. I get that. But we have to consider why it feels so good. And what emotions are playing that part. And how you value your work as an artist. If you negotiated the price, is it because that work is old because. The buyer who landed. Their eyes on that piece of art. It's a brand new shiny, gem to them and they think it's amazing. If you would consider letting your art go for less than it's worth. Are you scared that it won't sell at full price? Are you negotiating because you want to come across as nice, likable, or cool. This is where you have to remember the value you're bringing to the customer by them owning your artwork and how that artwork is going to impact their life on an emotional level. And how that artwork is going to make them feel every day. So we have to ask ourselves, how do we be scarcity mindset with our art and step into an abundance mindset. And the key is having an objective art pricing formula because your art is no less valuable today than it was yesterday, just because you're feeling different today. And so many factors can make you feel different from day to day. But when you have an objective formula and you stick to it, then you're never pricing based on your emotions. The customer who connects with your work, and loves it, is going to value it. And that will be the right customer for you. You want to focus on more ways you can connect with that ideal client more often. At the right price. So you want to have goals and a plan for your business. And have an art pricing formula that ties into those goals in that plan. Those goals for your art business will keep you on track. And here is the biggest tip. Most of the time the issue that underlies might look like an art pricing issue, but it's really an art business plan issue in disguise. All of which I can help you with in Artpreneur academy. Let's jump to what you can base your art prices on. Art pricing should be objective and follow a formula for consistency. You can base your art prices on your skill level. The market. What rate you have actually sold your artwork for. This is an example of demand for your product. You can think of it as the going rate. You can take a collective average of your competitors pricing that has a similar offering or skill level to you. But I do mean collective average. You can research your competition in order to validate your market demand. But not to set your price. This would simply be a point of reference. Can also base your price on size. And materials and the substrate such as. Whether you're working on paper, canvas ceramics. And if you're using specialty materials like resin or expensive embellishments. So to summarize and clarify. Your art pricing models should consider several of these factors, but not be based on just one of those factors alone. And you need to use as many objective factors as possible. To come up with your art price. You should be using an art pricing formula to remain consistent. in your art pricing, this will help you make consistent great decisions and your business. And you absolutely need to make sure your art is priced to pay you a profit and it must account for the cost of you doing business. You are not creating art to be a hobbyist and just pay for your art materials and go shop and buy more paint. Your art pricing formula must tie into your overall profit plan. And here are the final two. Don't undercharge, my friend. In fact, you should be raising your prices. Let's skip the art pricing struggle. I want to help you adopt a clear art pricing formula and invite you to use the Artpreneur academy art pricing formula to guide every decision in your business. We have everything worked out on a downloadable spreadsheet. And it's not just a concept. It's a complete system to guide your business. The formula is awesome because it's fair to you. You are a profit. And you tell the customer what you charge without batting an eyelash. Confident simple and objective. And the customer feels like they have won too, because we teach you how to close the sale from a high abundance place. Serving the customer not selling. The pricing formula is only available to Artpreneur academy students. Like Kristin hoard who used the art pricing formula to increase her art prices and grow her income. And several hundreds of other students who have done the same thing. You can check out Kristin's story in the video on my blog, I'll link that in the show notes. I am handing you a special invitation today to join us in Artpreneur academy. I created Artperneur academy for artists who want to earn a full-time income, doing what they absolutely love. It's the only program you need to be a confident, independent, art business owner, and never depend on an expensive third party. You'll be handed the proven step-by-step plan to grow a predictable art business income from scratch. Just like the 800 plus Artpreneur academy students who have done the same. And you'll be offered a free month of coaching with me and so much more. To learn more about the art preneur academy. Come to my free master class called secrets of a six figure art preneur. In this class, you will walk away with sales, social media, and branding strategy to convert art sales now. And at the end of the class, I will give you all the details about art preneur academy. The class is only 75 minutes. It's 100% free to attend, but the seating is limited. To save your seat, click the link in the show notes. Or go to Jenna Webb art.com and click free masterclass to grab your seat. You will love this class and I will meet you there.